On Monday 16th October the old round pound coins are going to stop being legal tender.
The new pound coin, with its many sides, two colours and other anti-counterfeiting measures has been around for about six months, and you’re more likely to see one of these than the old style round pounds.
Now, I thought everyone knew that the old coins are being phased out this week, and that you really should be spending them ASAP. So I wasn’t going to bother writing about them on the blog.
Then at the weekend my seven-year old niece shared she had a pot full of them that she was saving. Now it turns out my dad (her granddad) had already switched them over to the new version. Great. But it also transpired my sister hadn’t realised the deadline was this week.
And the papers this week have shown she isn’t alone – there are apparently close to £500 million worth still in circulation. To help, some shops, including Poundland, have said they’ll keep accepting the old coins until the end of the month.
But even so, I think it’s worth spending a bit of time this week hunting around your house for any leftover round pounds. And while you’re at it check there aren’t any old fivers (these can be exchanged at any bank).
Here are a few of the less obvious places you might have forgotten about, plus further down what you can do if you are left with any after the 16th October.
Your kid’s room
If like my niece your children have a money box or small purse, make sure there aren’t any old coins inside.
Your glove compartment
If you’re like me you never have the right coins for a parking meter, and I know many people prepare for this by having a few quid hidden in the glove compartment.
Winter clothes and bags
If you change your wardrobe with the seasons, then there will be some clothes – particularly coats – you’ve not used for six or more months. Check the pockets and check the bottom of bags.
Occasional use bags
A bit like the winter clothes, you might have bags you rarely use. It could be a posh handbag or a small one for weddings and nights out. You might have a sports or gym bag that’s not been used all summer. Basically anything you’ve not used for a while but you might put cash in it!
Random change jars
We’ve got a couple of these at home and I tend to forget they are even there.
Since I hate having loose change I tend to empty my wallet whenever I get some.
This is usually onto random surfaces, which my wife then moves into a jar. It’s mainly pennies, but you could have a pound or two buried within.
What to do if you have an old pound coin after 15th October
After Sunday you won’t officially be able to use your old pound coins in most shops, though some might accept them for a bit. Make sure you don’t accept any in change from any retailer.
You won’t be able to exchange them for the new pound coins either, but you will be able to pay them into accounts at banks, building societies and the Post Office.
Another option is to donate them to charity, with Children In Need running Pudsey’s Round Pound Countdown ahead of appeals day on 17th November. You can donate at most banks and building societies, Greggs, Boots, Cineworld, the Post Office or Welcome Break. You can also drop them in any Children in Need collection box.